Subject: Economics

Subject Code: 01

Unit-1 : Micro Economics

  • Theory of Consumer Behaviour
  • Theory of Production and Costs
  • Decision making under uncertainty Attitude towards Risk
  • Game Theory – Non Cooperative games
  • Market Structures, competitive and non-competitive equilibria and their
    efficiency properties
  • Factor Pricing
  • General Equilibrium Analysis
  • Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization
  • Welfare Economics: Fundamental Theorems , Social Welfare Function
  • Asymmetric Information: Adverse Selection and Moral Hazard

Unit-2 : Macro Economics

  • National Income: Concepts and Measurement
  • Determination of output and employment: Classical & Keynesian Approach
  • Consumption Function
  • Investment Function
  • Multiplier and Accelerator
  • Demand for Money
  • Supply of Money
  • IS – LM Model Approach
  • Inflation and Phillips Curve Analysis
  • Business Cycles
  • Monetary and Fiscal Policy
  • Rational Expectation Hypothesis and its critique

Unit- 3 : Statistics and Econometrics

  • Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem
  • Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers
  • Sampling methods & Sampling Distribution
  • Statistical Inferences, Hypothesis testing
  • Linear Regression Models and their properties – BLUE
  • Identification Problem
  • Simultaneous Equation Models – recursive and non-recursive
  • Discrete choice models
  • Time Series Analysis

Unit-4 : Mathematical Economics

  • Sets, functions and continuity, sequence, series
  • Differential Calculus and its Applications
  • Linear Algebra – Matrices, Vector Spaces
  • Static Optimization Problems and their applications
  • Input-Output Model, Linear Programming
  • Difference and Differential equations with applications

Unit-5 : International Economics

  • International Trade: Basic concepts and analytical tools
  • Theories of International Trade
  • International Trade under imperfect competition
  • Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms
  • Exchange Rate: Concepts and Theories
  • Foreign Exchange Market and Arbitrage
  • Gains from Trade, Terms of Trade, Trade Multiplier
  • Tariff and Non-Tariff barriers to trade; Dumping
  • GATT, WTO and Regional Trade Blocks; Trade Policy Issues
  • IMF & World Bank

Unit-6 : Public Economics

  • Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality
  • Regulation of Market – Collusion and Consumers’ Welfare
  • Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation
  • Public expenditure
  • Public Debt and its management
  • Public Budget and Budget Multiplier
  • Fiscal Policy and its implications

Unit-7 : Money and Banking

  • Components of Money Supply
  • Central Bank
  • Commercial Banking
  • Instruments and Working of Monetary Policy
  • Non-banking Financial Institutions
  • Capital Market and its Regulation

Unit-8 : Growth and Development Economics

  • Economic Growth and Economic Development
  • Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter, Rostow, Balanced & Unbalanced growth, Big Push approach.
  • Models of Economic Growth: Harrod-Domar, Solow, Robinson,
    Kaldor
  • Technical progress – Disembodied & embodied; endogenous growth
  • Indicators of Economic Development: PQLI, HDI, SDGs
  • Poverty and Inequalities – Concepts and Measurement
  • Social Sector Development: Health, Education, Gender

Unit-9 : Environmental Economics and Demography

  • Environment as a Public Good
  • Market Failure
  • Coase Theorem
  • Cost-Benefit Analysis and Compensation Criteria
  • Valuation of Environmental Goods
  • Theories of Population
  • Concepts and Measures: Fertility, Morbidity, Mortality
  • Age Structure, Demographic Dividend
  • Life Table
  • Migration

Unit-10 : Indian Economy

  • Economic Growth in India: Pattern and Structure
  • Agriculture: Pattern & Structure of Growth, Major Challenges, Policy Responses
  • Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses
  • Services: Pattern & Structure of Growth, Major Challenges, Policy Responses
  • Rural Development – Issues, Challenges & Policy Responses
  • Urban Development – Issues, Challenges and Policy Responses.
  • Foreign Trade: Structure and Direction, BOP, Flow of Foreign Capital, Trade Policies
  • Infrastructure Development: Physical and Social; Public-Private Partnerships
  • Reforms in Land, Labour and Capital Markets
  • Centre-State Financial Relations and Finance Commissions of India; FRBM
  • Poverty, Inequality & Unemployment

UGC NET Economics Syllabus (English)

UGC NET Economics Syllabus (Hindi)